San Francisco, Sept. 17, 2015 (GLOBE NEWSWIRE) -- The Global Silicon Carbide Market is expected to reach USD 4.49 billion by 2020, according to a new study by Grand View Research, Inc. Positive outlook on steel manufacturing, for which SiC is used as a deoxidizing agent is expected to drive silicon carbide demand. In addition, silicon carbide is an essential element in the manufacturing of semiconductors which is expected to witness significant growth over the next six years. Revitalizing automobile industry, especially in Asia Pacific, is also expected boost the demand for silicon carbide.
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Steel and energy were the largest end use application segments for SiC, accounting for 302 kilo tons of total demand in 2013. Increasing demand for steel and energy in emerging markets of India and China, driven by infrastructure development, is expected to be a key factor for demand growth over the forecast period. Silicon carbide is also extensively used in electronics and semiconductors applications, owing to its superior properties, that accounted for over 255 kilo tons of demand in 2013.
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Further key findings from the study suggest:
- Global silicon carbide demand was 1,060.1 Kilo tons in 2013 and is expected to reach 2,769.0 Kilo tons by 2020, growing at a CAGR of 15.2% from 2014 to 2020.
- Black silicon carbide is most dominant product, with demand estimated at 745 6 Kilo tons in 2013 due to its wider application scope in comparison to other forms of silicon carbide.
- Asia Pacific was the largest regional market for silicon carbide, with revenue exceeding USD 870 million in 2013. The presence of key end user industries such as steel and automotive is expected to boost demand in the region. In addition, the region is also expected to witness fastest growth, at an estimated CAGR of 16.8% from 2014 to 2020.
- Medical and healthcare end use application is expected to witness fastest growth at an estimated CAGR of 16.5% from 2014 to 2020. Increasing demand for advanced medical and healthcare in countries such as India, China, and Japan is expected to drive demand in this application.
- Key Companies in the market include AGSCO Corporation, Dow Chemical Company, Saint-Gobain Ceramics Materials GmbH, ESD-SIC b.v, Grindwell Norton Ltd.
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For the purpose of this study, Grand View Research has segmented the global silicon carbide market on the basis of product, end use application and region:
• Silicon Carbide Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• Black Silicon Carbide
• Green Silicon Carbide
• Others (Coated SiC, Refractory SiC, Metallurgical and Metallurgical Briquettes, SiC Micro Grit)
• Silicon Carbide End Use Applications Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• Steel & Energy
• Aerospace & Aviation
• Military & Defence
• Medical & Healthcare
• Electronics & Semiconductors
• Silicon Carbide Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• North America
• Asia Pacific
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research